Applies prevailing wage rate to residential projects of limited size that are subject to certain redevelopment local property tax arrangements.

This bill requires that construction workers on residential projects of four stories or less in specific redevelopment areas receive the local prevailing wage rate. It applies to projects under three tax exemption programs: the Long Term Tax Exemption Law, Five-Year Exemption and Abatement Law, and Local Redevelopment and Housing Law. The prevailing wage rate - determined by the Labor Commissioner based on local collective bargaining agreements - is now mandatory for these projects, even when developed by private entities under tax abatement agreements with public bodies. This extends existing New Jersey prevailing wage protections to cover smaller residential construction in designated redevelopment zones.